Dow Jones Newswires: China approves plan to develop regulations for fintech sector


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Chinese President Xi Jinping approved a plan to standardize and develop regulations for the payments and financial technology sector in a high-level meeting, signaling that a regulatory crackdown on the sector might be easing. The core function of fintech platform companies should serve the real economy and authorities will enhance the supervision of payment firms and their financial activities, according to a Wednesday meeting of the Central Commission for Comprehensively Deepening Reform chaired by Mr. Xi, state media Xinhua reported. China will seek to improve regulations over the sector, make up for shortcomings in supervision and prevent systemic financial risks,...